The Shura Council's approval of the real estate brokerage system found great optimism among those working in the real estate sector, especially since the Council gave real estate service providers a 180-day deadline to regulate their status according to the system.
Real estate brokerage.
The Council decided that the Board of Directors of the General Real Estate Authority will exercise its powers contained in paragraph (3) of Article (6) of the draft law in agreement with the Ministry of Finance and the Non-Oil Revenue Development Center, until the issuance of the regulation on the governance of the practice of charging financial compensation for services and works provided by public bodies and institutions, centers and funds with independent legal personality.
The Council decided that the Board of Directors of the General Authority for Real Estate will exercise its powers contained in paragraph (3)
Four criteria for the classification of the Authority
Prior to the approval of the real estate brokerage system, the General Real Estate Authority launched a project <a href="https://classification.rega.gov.In December 2019, with the aim of developing the level of real estate establishments in the Kingdom, creating quality job opportunities for young Saudi men and women, increasing their qualification and raising their professional capabilities, and improving the efficiency of the services they provide, the Authority requires to obtain its classification that the real estate establishment or licensee applies four criteria, the first of which is the commitment to apply the minimum standardized contract forms approved, such as the marketing contract, the contract of desire to buy, and the receipt and delivery minutes for real estate units, in addition to passing the facility employee or licensee for training courses for at least three real estate services, where the Authority aims to
Raising the level of real estate brokerage
The classification of real estate brokerage facilities comes as part of the Authority's efforts to regulate real estate activities in the Kingdom, and seeks to raise the level of performance, efficiency and quality of real estate brokerage services in accordance with international best practices, in line with the objectives of the ambitious Vision 2030 to upgrade the real estate sector and increase its contribution to GDP.
The process of classifying real estate brokerage facilities is available on an optional basis for real estate establishments and persons wishing to obtain the classification and accreditation of the Authority and include it in their identity, indicating that the new draft real estate brokerage system will require all workers in the real estate sector to apply its provisions, including the classification criteria.
The new draft real estate brokerage system, when issued, will require all workers in the real estate sector to apply its provisions, including the classification criteria.
The concept of real estate brokerage and its sections
Many of those dealing with the real estate sector ask about the concept of real estate brokerage and its sections; the real estate brokerage profession targets customers looking for real estate exclusively, as the real estate broker is the link between the owner and the buyer, as the sale or rental transaction does not take place without the presence of these two parties, and the importance of real estate brokerage lies in the fact that it aims to facilitate the contractual process between the parties and activate the real estate market, in addition to contributing to price stability if using real estate valuation experts.
The real estate brokerage system is divided into 3 main sections, namely:
Brokerage in buying and selling real estate.
Brokerage in rental properties.
Brokerage in the sale, purchase and lease of land of all types.
The real estate broker is a reference for clients
The person specialized in this profession is called a real estate broker, and the real estate broker is the first reference for customers who want to enter the real estate market either for ownership, investment or rental, as the professional real estate broker's knowledge of the properties traded in the market and their conditions is the most important thing that the customer is looking for to build a successful plan to obtain his real estate, and the real estate broker must have the necessary legal expertise to complete real estate transactions.
The real estate broker is the first reference for customers who want to enter the real estate market either for ownership, investment or renting.
